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IAASA publishes financial reporting decisions – Pelican Mortgages No. 1 plc

14/03/2017

IAASA, Ireland’s accounting enforcer, has today published its financial reporting decision arising from its examination of Pelican Mortgages No. 1 plc’s unaudited consolidated interim financial statements for the six month period ended 30June 2016 (‘the Report’).

The principal activity of Pelican Mortgages No. 1 plc is investment in a portfolio of mortgage receivables in Portugal.

IAASA concluded that the Report had not complied, in full, with the disclosure requirements of IAS 34 Interim Financial Reporting and Section 304, Companies Act 2014. The matters identified in the Report as being non-compliant were as follows:

  1. incorrect comparative amounts were provided in the Consolidated Statement of Comprehensive Income;

  1. the Report did not contain:

  • a Condensed Statement of Cash Flows;

  • a Condensed Statement of Changes in Equity;

  • a Statement of Compliance; and

  • a Statement that the same accounting policies had been followed; and

  1. the Report did not contain a disclosure that the parent company has availed of the exemption from presenting its separate Income Statement as required by Section 304, Companies Act 2014.

Consequent on this IAASA examination, Pelican Mortgages No. 1 plc filed revised interim financial statements with the Irish Stock Exchange on the 21 December 2016.

IAASA’s policy on publishing financial reporting decisions and the criteria to be met for such decisions to be published is set out in IAASA’s Policy Paper on Publication of IAASA’s Financial Reporting Findings.

The financial reporting decision arising from IAASA’s examination of Pelican Mortgages No. 1 plc’s unaudited consolidated interim financial statements for the six month period ended 30 June 2016 can be accessed here.

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